SPDR S&P 500 (SPY)

[Wishthiswasmyjob]

Just to add to this
And these thoughts, and to bring it to where we're at here and now...
We know options are all about timing and the short term trend.

IF I feel we're getting ready to bounce here, IF I feel we're turning into a coiled spring here,
Buying an ITM October 16th 328 call here, and selling an OTM October 2nd 340 call against it,
It would allow me to stay in the batters box a few days longer, waiting for a bounce,
Even if the SPY doesn't move for few days...
Let's say Monday morning we open flat, and I go into that call spread...
And the SPY goes nowhere for a week...
When I close the position, my 328 call has dropped only 75 cents, but the 340 call I sold has dropped a buck... I'm fine with that. Time decay and OTM option action were used to benefit me...

Yes I limited my profit potential by going with the spread, but I dramatically reduced my loss potential and that's the beautiful part, lowering risk, keeping solid gain potential, and being able to stay in the game longer, waiting, watching, and hoping my gut feeling came through.